Trio Of Banks Subpoenaed As Treasury Market Probe Continues

May 1 2017 | 10:45pm ET

Several Wall Street banks were subpoenaed last month by U.S. federal prosecutors investigating possible manipulation in the $14 trillion U.S. Treasuries market. 

The banks include UBS, BNP Paribas and Royal Bank of Scotland, according to a Reuters article. Bloomberg originally reported on the subpoenas. 

The criminal investigation, nearly two years old, is probing whether a range of banks and brokerage houses conspired to manipulate the prices of various U.S. Treasury securities and auctions of new paper by the Treasury Department. 

Over the course of the investigation, requests for information have been sent to nearly all of the approximately two dozed primary dealers in the Treasury market, Bloomberg said, while several class action lawsuits allege collusion between traders in when-issued securities.

None of the banks subpoenaed have been accused of any wrongdoing, Bloomberg added. 

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